Manchester and Provincial Car Parks Limited |
Registered number: |
02118760 |
Balance Sheet |
as at 30 June 2023 |
|
Notes |
|
|
2023 |
|
|
2022 |
£ |
£ |
Fixed assets |
Tangible assets |
|
|
|
2,000,000 |
|
|
2,000,000 |
|
Current assets |
Debtors |
4 |
|
1,067,603 |
|
|
1,050,103 |
Cash at bank and in hand |
|
|
65,027 |
|
|
36,144 |
|
|
|
1,132,630 |
|
|
1,086,247 |
|
Creditors: amounts falling due within one year |
5 |
|
(54,453) |
|
|
(50,276) |
|
|
|
|
|
|
|
Net current assets |
|
|
|
1,078,177 |
|
|
1,035,971 |
|
Total assets less current liabilities |
|
|
|
3,078,177 |
|
|
3,035,971 |
|
Creditors: amounts falling due after more than one year |
6 |
|
|
(814,000) |
|
|
(838,000) |
|
Provisions for liabilities |
|
|
|
(7,942) |
|
|
(7,942) |
|
Net assets |
|
|
|
2,256,235 |
|
|
2,190,029 |
|
|
|
|
|
|
|
|
Capital and reserves |
Called up share capital |
|
|
|
100 |
|
|
100 |
Profit and loss account |
|
|
|
2,256,135 |
|
|
2,189,929 |
|
Shareholder's funds |
|
|
|
2,256,235 |
|
|
2,190,029 |
|
|
|
|
|
|
|
|
|
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006. |
The member has not required the company to obtain an audit in accordance with section 476 of the Act. |
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts. |
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies. |
The financial statements were approved by the Board of Directors and authorised for issue on 4 March 2024 and signed on its behalf by: |
|
|
|
|
|
S S Dhillon |
Director |
|
|
The notes on pages 2 to 4 form part of these financial statements. |
|
Manchester and Provincial Car Parks Limited |
Notes to the Accounts |
for the year ended 30 June 2023 |
|
|
1 |
Accounting policies |
|
|
Basis of preparation |
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The accounts have been prepared under the historical cost convention, except for investment property, and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard). |
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|
The preparation of financial statements in compliance with FRS 102 Section 1A Small Entities requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the accounting policies. |
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|
Turnover |
|
Turnover, representing rental income from investment properties and car parking income, is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Rental income from property is charged to profit or loss on a straight-line basis over the term of the lease. |
|
|
Tangible fixed assets |
|
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is not provided on land and buildings which are held for investment purposes and stated at fair value. |
|
|
Investment properties at fair value |
|
Investment property is carried at fair value determined annually by the directors and derived from sales or current market rents and investment property yields for comparable property, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are included in profit and loss. |
|
|
Debtors |
|
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts. |
|
|
Creditors |
|
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method. |
|
1 |
Accounting policies (continued) |
|
Taxation |
|
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted. |
|
|
Pensions |
|
Contributions to defined contribution plans are expensed in the period to which they relate. |
|
|
2 |
Taxation on loss |
2023 |
|
2022 |
£ |
£ |
|
UK corporation tax on (losses) / profits of the year |
- |
|
- |
|
Taxation charge on loss |
- |
|
- |
|
|
|
|
|
|
|
|
|
|
The tax assessed for the year differs from the standard rate of corporation tax in the UK. The differences are explained below: |
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|
|
|
|
|
2023 |
|
2022 |
£ |
£ |
|
Profit before tax |
66,206 |
|
85,272 |
|
|
|
|
|
|
|
|
|
|
Profit at the standard rate of corporation tax in the UK |
|
13,570 |
|
16,202 |
|
|
Effects of: |
|
Group relief |
(13,570) |
|
(16,202) |
|
Taxation charge on loss for the year |
- |
|
- |
|
|
|
|
|
|
|
|
|
|
3 |
Employees |
2023 |
|
2022 |
Number |
Number |
|
|
Average number of persons employed by the company |
- |
|
- |
|
|
|
|
|
|
|
|
|
|
4 |
Debtors |
2023 |
|
2022 |
£ |
£ |
|
Amounts falling due within one year: |
|
Amounts owed by group undertakings |
|
1,065,643 |
|
1,048,263 |
|
Other debtors |
1,960 |
|
1,840 |
|
|
|
|
|
|
1,067,603 |
|
1,050,103 |
|
|
|
|
|
|
|
|
|
|
Amounts owed by group undertakings are interest free and due on demand. |
|
|
5 |
Creditors: amounts falling due within one year |
2023 |
|
2022 |
£ |
£ |
|
|
Bank loans and overdrafts |
24,000 |
|
24,000 |
|
Amounts owed to group undertakings |
|
2,500 |
|
360 |
|
Other creditors |
27,953 |
|
25,916 |
|
|
|
|
|
|
54,453 |
|
50,276 |
|
|
|
|
|
|
|
|
|
|
Amounts owed to group undertakings are interest free and are unsecured. |
|
|
6 |
Creditors: amounts falling due after one year |
2023 |
|
2022 |
£ |
£ |
|
|
Bank loans |
814,000 |
|
838,000 |
|
|
|
|
|
|
|
|
|
|
7 |
Loans |
2023 |
|
2022 |
£ |
£ |
|
Creditors include: |
|
|
Secured bank loans |
838,000 |
|
862,000 |
|
|
|
|
|
|
|
|
|
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The bank loan is secured by legal charge on the freehold property of the company and is at a commercial rate of interest. The term of the loan expires in March 2024. |
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8 |
Controlling party |
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The company is a wholly owned subsidiary of Satnam Investments Limited whose registered office address is 17 Imperial Square, Cheltenham, GL50 1QZ. The ultimate controlling party is S S Dhillon, a director of the company. |
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|
9 |
Other information |
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Manchester and Provincial Car Parks Limited is a private company limited by shares and incorporated in England. Its registered office is: |
|
17 Imperial Square |
|
Cheltenham |
|
Gloucestershire |
|
GL50 1QZ |